It is not often, well, it has never happened, that I would tell you to go read something written by a creditor. But, I have found something you must read.
Michigan attorney Gary Nitzkin writes the Michigan Collection Law Blog. This is a fascinating insight into the world of creditors, what they do and how they think. Mr. Nitzkin provides insight that you need to know if you are in debt. Why do you need to know this? Because you will learn why collection agencies and collection attorneys do what they do.
For example, in one post, Mr. Nitzkin stated that 9 out of 10 debtors will default on a lawsuit. That is a 90% win rate without ever doing anything other than filing some papers in court. A sports analogy may be appropriate here: A good baseball player will get a hit 3 out of 10 times. A good basketball player will make a basket 5 out of 10 times. A good soccer player will score a goal 1 out of every 4 games.
In this case, Mr. Nitzkin is winning 90% of the time with no opposition. Now you know why you NEED to talk to an attorney as soon as you have been served.
Go read this blog and let me know your thoughts.